Over time, the value of a home will go up and down.
Property values appreciate in the long term for the most part.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll produce a bigger profit when you sell.
But how do you know what you're investing in this year will appreciate over time? Property values in Burlington move up and down for many different reasons.
The most important factor is that you pick a real estate agent in Burlington who recognizes the factors that drive local prices.
A lot of people believe that the economy is the most important factor impacting real estate appreciation.
there are quite a few factors on a national level that alter your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your home's value and the features that play the biggest role in its appreciation are particular to the local Burlington economy and housing market.
Location in a community - Many consumers choose to live in districts with the most helpful elements for homes to do well, like a close proximity to jobs and schools.
So these areas consistently appreciate, or retain their value consistently, year to year.
Recent home sales - You should receive stats on the recent real estate sales in the regions that you're asking about from your REALTOR®. You'll want to learn things like how long a house stays on the market and listing price as opposed to selling price.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices risen or declined over the past 5 to 10 years?
Local economy - Is there a good blend of jobs in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.